Tiarnan O’Mahoney resigns from foreign exchange firm

Tiarnan O'Mahoney, a former executive in Anglo Irish Bank, has resigned from his position with Moneycorp Ireland, a foreign exchange and money services group.

Mr O’Mahoney became head of sales with the Irish division of the British business at the start of 2013.

Its parent company Moneycorp was founded in 1962 and transacts more than £11 billion (€13.3 billion) in currencies a year, at the start of 2013.

A spokesperson for Moneycorp Ireland said that O’Mahoney left the business at the end of last November. He declined to comment further.

On November 14th, 2013, Mr O’Mahoney was accused in Dublin’s District Court of hiding bank account details from the Revenue Commissioners between March 25th, 2003 and November 17th, 2003.

Mr O’Mahoney was head of Anglo Irish Bank’s treasury division at the time and had no relationship with Moneycorp.

Mr O’Mahoney left Anglo Irish Bank in 2005. He stepped down after failing to be appointed the bank’s chief executive.

He then set up a debt finance specialist firm called ISTC, which was the first Irish victim of the financial crisis when it collapsed with debts of €850 million in November 2007.

Mr O’Mahoney had tried to complete a rescue plan for ISTC but was unable to do so as global financial markets went into lockdown.

In retrospect ISTC’s failure was seen as the beginning of the end of Ireland’s over-inflated banking system.

In February 2013, Mr O’Mahoney and Bryan McSharry announced plans to launch Moneycorp in Ireland and said the firm’s Dublin office hoped to employ 10 people.

Moneycorp Ireland is based in Dublin 2 and it offers corporate clients a full service foreign exchange dealing desk. It has six executives who are experienced treasury managers and foreign exchange dealers.

Its parent, UK-based Moneycorp, is owned by the Royal Bank of Scotland special opportunities fund and employs over 500 people.

It has about two million individual customers worldwide and has offices in the UK, Ireland, Spain and the United States.